FSA fines Dubai based investor record $9.6m for market abuse

Laura Miller

The Financial Services Authority (FSA) has fined a Dubai based private investor $9.62m (£6m) for manipulating the closing price of securities on the London Stock Exchange, in the largest fine imposed by the FSA on an individual.

Rameshkumar Goenka's fine includes a penalty of $6.51m (£4m) plus a restitution element of $3.10m (£2m). The FSA will use the restitution amount to reimburse the bank which overpaid Goenka as a result...

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